Real-Time Data Analytics at the CIO Summit: What all the Buzz is About

Last week I attended the CIO Summit in Miami and was pleased to have the opportunity to exchange and discuss innovative ideas and insights with some of the most forward thinking folks in the Operational Intelligence community. During the executive exchange sessions I was able to delve deeper into the opportunities and challenges around Operational Intelligence with CIOs from a diverse group of companies, including Alcoa, Babcock & Wilcox, Broadridge, Johnson & Johnson, Verizon, Deloitte, Rollins, Inc., Spirit Airlines, State Street, and Owens-Illinois.

While these companies span a variety of sectors including utilities, financial services, telecom, business services, consumer services, consumer packaged goods, and manufacturing, it was interesting to uncover the common thread across these industries – the critical importance of real-time analytics.

Across organizations and industries CIOs are recognizing that the ability to analyze data in real time and take immediate action is an essential organizational capability. Because these companies reside in industries in which rock-solid operations is a key cornerstone of the value proposition, the ability to detect and solve problems before they manifest themselves is of huge value.

In the energy and telecom industries, for instance, a widespread outage can negatively affect millions of customers in an instant.  And in the financial services industry, the ability to predict, detect and prevent fraud in real time protects both the company and its customers. For manufacturers and retailers, better supply chain management capabilities through real-time analytics can vastly improve operational efficiency and service quality.

Beyond improving operational performance, real-time analytics enriches the customer experience.  Real-time analytics capabilities empower organizations to create and execute highly sophisticated 1:1 marketing programs where customers receive high value, micro targeted offers in real time.  The ability to reach customers and provide value within the critical and small window of opportunity opens the door to a wide host of marketing possibilities.

My key takeaway from my conversations at the CIO Summit is that companies across industries are acknowledging the critical need for real-time data analytics capabilities for a wide host of purposes. For companies that participate in operations driven industries, the ability to analyze data across diverse sources in real time and take immediate action to solve problems before they affect the customer or the broader organization is an unqualified game changer.

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